I can’t believe it’s Christmas already, but it is. There is no denying the fast-paced, busy, busy world in which we live. Yet, most people relish slowing down, enjoying the moment, the courtesy and friendliness of times gone by. For me, the demise of the cheque is just one more nail in the coffin of personal contact.

Image: Tyson longed for the days of cheques in the post; his teeth had not been the same since the advent of parcels.

It is not that long ago that the telegram was replaced by a much faster means of communication; email. But those that remember telegrams will recall that although not personally given, they had a very personal feel. There was no misinterpretation with tone or message and they became the recognised form of congratulations from monarch to centurion.

The advent of digital transfer has in effect caused a similar demise for cash that the email caused for telegrams. These days few of us pay cash for big purchases preferring the convenience of a card transaction.

The cheque in many ways is comparable to a birthday card. It is a personal, hand written communication. It is also a promissory note, just like paper currency, it promises to pay the bearer a set monetary sum.

True, cheques are used less and less these days and the Payments Clearance Council, which is heading this initiative, told me that they expect banks to save £200 million a year by not having to process cheques, a saving that obviously can’t be sneezed at. Therefore the withdrawal of cheques looks sad but inevitable.

What does the future hold in a world without cheques? Will aunties and grannies have to give vouchers in future? If you’re going to have to go to a specific shop for a voucher, you may as well go one step further and buy the present.

Oh dear, I see a future with extra long queues at return tills up and down the country. I see confused marketers trying to fathom our spending habits but being thwarted by incorrect purchases such as a Joe McEldrey CD instead of the current teen favourite RAGE AGAINST THE MACHINE.

What do you think?

Sylvia Waycot - Publisher, Moneyfacts Group

Royal Bank of Scotland (RBS) has revealed the measures it intends to take in order try to recover from what it called an exceptionally difficult period in its history. Having revealed losses of £24.1 billion in 2008, the largest annual deficit in UK corporate history, the part nationalised bank said it had embarked on a sweeping restructure. It also announced its intention to place £325 billion of toxic assets into the Treasury's Asset Protection Scheme and will welcome an additional £13 billion capital injection from the Government, with the option to access another £6 billion if required.

"Last year was undeniably tough and a worsening economic environment means that 2009 will present significant challenges in all of our markets," said Philip Hampton, RBS chairman. "The path to recovery will be neither smooth nor straight." In light of the losses, the Government has said it hopes to recover some of the £650,000 annual pension that the bank's former chief executive, Sir Fred Goodwin, is receiving.